Are home prices dropping in the Florida Keys?
There appears to be a rumor floating around the internet that have many people asking us “Are home prices dropping in the Florida Keys?”
The answer is 100% no. In fact, they are rising as they have been every year since 2012, which was the peak of the last housing recession that started in 2008 and caused by risky lending practices that are no longer allowed.
During the covid pandemic, Florida was one of the cities that experienced significant home price appreciation, much higher than normal. Home prices in the Florida Keys jumped nearly 75% from 2019-2024.
Due to this, many speculators have forecasted home prices to start dropping due to being overvalued. Although no one can predict the future with 100% accuracy, it is highly unlikely that a price decrease in homes in the Florida Keys will take effect.
In fact, all leading market indicators seem to show prices continuing to increase, since there are no factors currently in force that caused the last housing market crash.
These same speculators predicted that prices would start dropping when inventory levels start to rise since low inventory during the pandemic is what caused the housing market price spike in Florida.
However, inventory levels in the Florida Keys have increased 56% from 2023-2024 and are above pre-pandemic levels. During that period home prices still increased, which eliminates that theory.
All leading indicators forecast a steady increase in home prices in the Florida Keys so if you have ever though about buying a home, you should start sooner rather than later, as prices will only get higher the longer you wait.
Housing market data sources:
https://reventure.app
